Bhutan Moves $63 Million in Bitcoin to New Wallets

In an intriguing move, the Bhutanese government has made a significant transfer of Bitcoin, shifting $63 million worth to three separate wallets on March 24.

Bhutan, known for its abundant hydroelectric resources, has been utilizing this clean energy to mine Bitcoin since 2019. It wasn’t until September 2024, however, that Arkham uncovered the first wallet linked to Druk Holdings, the country’s investment arm.

Following the recent transactions, this wallet now contains a hefty $889.9 million in Bitcoin, which is roughly 30.7% of Bhutan’s GDP—calculated at $2.9 billion in 2023.

While Bitcoin remains a major component of Bhutan’s crypto reserves, it is not the sole focus. The Druk Holdings wallet also contains smaller amounts of Ether worth $334,580, alongside other lesser-known tokens such as LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (APU). These diversified holdings reflect a broader strategic approach rather than an exclusive reliance on Bitcoin.

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In recent months, Bhutan has been slowly transferring portions of its crypto assets from its main wallet to other addresses. Notably, $66 million worth of BTC was moved to Binance in October 2024. This, coupled with the small transfers of Bitcoin and Ether, suggests that the government is carefully managing its growing digital asset portfolio.

Alexander Stefanov